Meaningful WEAT-positive development:
Reuters report this morning Asian wheat buyers are actively replacing delayed Russian and Ukrainian Black Sea cargoes with Australian and Argentine wheat, with at least 500,000 tonnes already purchased. Replacement wheat is materially more expensive — roughly $310–330/t versus $260–280/t for Black Sea cargoes showing that the disruption has moved beyond headline risk into actual procurement and basis changes. Chicago #wheat is now about 35% higher since late June.